Twitter Partners With Bank to Offer Money Transfers via Tweets

Twitter Partners With Bank to Offer Money Transfers via Tweets

Twitter has teamed up with one of France’s leading banks to offer a way to transfer money via a tweet.

Groupe BPCE is France’s second largest bank overall by number of customers, and the payment through Twitter will be managed by BPCE’s S-Money mobile payment facility, which already allows cash transfers via text message and uses data security standards similar to the credit card industry.

“(S-Money) offers Twitter users in France a new way to send each other money, irrespective of their bank and without having to enter the beneficiary’s bank details, with a simple tweet,” said Nicolas Chatillon, chief executive of S-Money.

The service will be officially launched in a news conference in Paris tomorrow, where further details are expected to be provided.

Last month Twitter launched its long-rumoured “buy” button with select partners in the United States.

“From the Twitter point of view, there is a limit to their appetite for getting involved in payments processing itself,” said Andrew Copeman, a payments analyst with AITE Group, a financial services research firm based in Scotland.

“At the moment, banks are probably viewing Twitter and other social media networks as marketing channels to reach a wider set of their customers and to extend the bank’s existing mobile banking initiatives,” he said.

(Source: Reuters.)